PRIVATE equity (PE) firm L Catterton on Thursday said its special purpose acquisition company (SPAC) L Catterton Asia Acquisition has priced its initial public offering (IPO) of 25 million units at US$10 per unit.
Its units will be listed on the Nasdaq under the trading symbol "LCAAU" and are expected to commence trading on March 11 in the US.
In a press statement on Thursday, L Catterton said each unit of its consumer technology-focused SPAC comprises one share of its Class A common stock, and a third of one redeemable warrant.
Each whole warrant entitles the holder to purchase one share of the SPAC's Class A common stock at a price of US$11.50 per share, and only whole warrants are exercisable.
Once the securities constituting the units begin separate trading, the Class A common stock and the warrants are expected to be listed on Nasdaq under the trading symbols "LCAA" and "LCAAW" respectively.
The offering is expected to close on March 15. It is being made only by means of a prospectus, which may be obtained from sole book-running manager Credit Suisse Securities (USA) LLC.
L Catterton Asia Acquisition has granted the underwriter a 45-day option to purchase up to an additional 3.75 million units at the IPO price to cover overallotments, if any.
L Catterton is backed by luxury French fashion house LVMH. The PE firm last month agreed to buy German sandalmaker Birkenstock. L Catterton Asia Acquisition is a blank-cheque company based in Singapore and led by managing partners of L Catterton Asia.
In its statement, L Catterton said it had yet to select any business combination target, nor initiate discussions with any potential targets. It intends to focus its target business search in high-growth, consumer technology sectors across Asia.